Regulation/Legislation

American Family Mutual Insurance will pay 5,000 of its Arizona policyholders nearly $1.2 million after making an error involving repayment of taxes charged to contractors.

Industry officials today lauded the decision of the House Financial Services Committee to report out legislation reauthorizing the National Flood Insurance Program, noting that the panel was acting against the background of historic flooding in the Mississippi Valley area.

The House Financial Services Committee reported to the House floor legislation reauthorizing the National Flood Insurance Program for five years. The vote was unanimous.

The House Energy and Commerce Committee has reported to the full House legislation that would cap non-economic damages in malpractice cases at $250,000 and set other restrictions on lawsuits against doctors.

Deputy Treasury Secretary Neal Wolin says the staff of the new Federal Insurance Office has already begun work and served an “important consultative role” in advising on several issues related to the new Dodd-Frank financial services reform law.

An insurer’s data is much more than bits and bytes to be assembled for required regulatory reporting. It is the very lifeblood of the insurance organization and provides the ingredients by which the insight is developed that drives action to improve operational results.